Geithner says the administration plans to allow tax cuts for the wealthiest Americans to expire,...


Geithner says the administration plans to allow tax cuts for the wealthiest Americans to expire, despite calls from a growing number of Democrats to delay any tax increases, and to extend estate taxes at 2009 rates. He also says Elizabeth Warren would be an "enormously effective leader" if chosen to run the new consumer finance agency.
Comments (15)
  • cash
    , contributor
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    Looks like he is telegraphing she would not be chosen after all
    22 Jul 2010, 02:31 PM Reply Like
  • Poor Texan
    , contributor
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    Well, that's the kiss of death for her!
    22 Jul 2010, 02:36 PM Reply Like
  • cgodwin
    , contributor
    Comments (7) | Send Message
     
    "We believe it is appropriate to let those tax cuts that go to the most fortunate expire," Mr. Geithner said at a breakfast with reporters, hosted by the Christian Science Monitor.

     

    Yes Master Obama/Geithner.. I am so "fortunate".. It is not from hardwork, living below by means, do the right thing, and saying NO to items that I couldn't afford... I make that money b/c I am "fortunate".. Thanks for setting me straight...
    22 Jul 2010, 02:45 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    I agree his words are poor.

     

    I have no problem paying more in taxes and I'm ok with a progressive tax system. I DO believe that those of us that are fortunate to enjoy the freedoms and privileges of the USA should contribute more. But I don't believe its those freedoms and privileges alone that make one rich or upper middle class - Its called hard work and sacrifice. And along those lines I'd really like to see ALL revenue from any tax increase going straight to the debt - lets let the bureaucrats and public unions sacrifice for a change!
    If they really want to tax those that are "fortunate" they should pass a reasonable estate tax. Being born to a family is fortunate when taken into context. Let those that earn enjoy the fruits of their labor during their lives (including their spouse) and then I'm ok with paying a reasonable percentage to the government upon death. But as is the case with our taxes now - I'd really like them to kill all the giveaways and special interests and just make it something like 20% over $5 million with no exceptions.
    22 Jul 2010, 04:21 PM Reply Like
  • Tack
    , contributor
    Comments (16264) | Send Message
     
    Depriving the socialist "dream machine?"

     

    Not a chance.
    22 Jul 2010, 02:47 PM Reply Like
  • dw57
    , contributor
    Comments (507) | Send Message
     
    well since the vast majority of those ...2003 tax cuts were for those in the upper income levels (gee,.,i am still waiting for my tax cut from back then. still hasn't happened.)
    and the results from all of that. weren't what was promised. jobs never came back. the vast majority of American make less than they did in 2000. some help that was
    22 Jul 2010, 02:54 PM Reply Like
  • Paul Nelson
    , contributor
    Comments (225) | Send Message
     
    I feel so sorry for all you hard working rich! I don't know how you will get by-maybe get another job!!
    22 Jul 2010, 02:57 PM Reply Like
  • JoeChase
    , contributor
    Comments (139) | Send Message
     
    You miss the point. It's not about throwing wealthy people a bone, it's about economic recovery/growth
    22 Jul 2010, 03:01 PM Reply Like
  • haschrad
    , contributor
    Comments (49) | Send Message
     
    Listening to Geithner discuss tax policy makes me nauseous. Even Kennedy realized that cutting taxes (or at least not raising them) would spur economic growth.
    22 Jul 2010, 02:57 PM Reply Like
  • Nikhil Nichani
    , contributor
    Comments (144) | Send Message
     
    "We believe it is appropriate to let those tax cuts that go to the most fortunate expire," Mr. Geithner said at a breakfast with reporters, hosted by the Christian Science Monitor.

     

    You know, I really don't have a problem with the expiry of the tax cuts, but seriously....most "fortunate"? Are you kidding me? There is nothing more fortunate about the wealthy people than there is about the poor. Everyone in this country has the same opportunity to become wealthy as everyone else. Just because one group of people understand how money works and use it to their advantage to make more money, while the other group of people take their paychek and spend a new iPhone or an iPad or a new car and not leaving anything behind to invest into money producing assets doesn't mean they are more "fortunate". By far one of the most ridiculous statements I have heard from anyone this year.
    22 Jul 2010, 03:09 PM Reply Like
  • ROI_Chicago
    , contributor
    Comments (7) | Send Message
     
    You and the administration are omitting key information:

     

    The tax rate on dividends will go from 15% to ordinary income (when ordinary income will rise across the board - hello 39.6% on the top, 28-31% in the middle, and even from 10% up to 15% on the bottom). These comments are wishing "good luck" to anyone living on fixed income and investment dividends in a zero interest rate environment.

     

    Tip of the iceberg folks:

     

    Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020.
    22 Jul 2010, 03:26 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    Yes but only the working people, oh I meant the rich will have to pay the increased taxes. There won't be any effect on the poor; they'll remain poor as the party of the poor strives to make us all equal in poverty (except for themselves of course).
    22 Jul 2010, 03:36 PM Reply Like
  • Tack
    , contributor
    Comments (16264) | Send Message
     
    Tex:

     

    You nailed it.
    22 Jul 2010, 03:44 PM Reply Like
  • jw1564
    , contributor
    Comments (14) | Send Message
     
    Taxing to curb consumption might be the worst thing to do right now
    22 Jul 2010, 03:53 PM Reply Like
  • jw1564
    , contributor
    Comments (14) | Send Message
     
    I swear to God, it is ABSOLUTELY ridiculous how many people in this country just MIGHT be able to do a better job than Geithner....
    22 Jul 2010, 04:01 PM Reply Like
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